https://www.taxtmi.com/caselaws?id=28972 For probate court-fee valuation of a residential house, the open-market value standard was aligned with the valuation principles underlying rule 1BB of the Wealth-tax Rules, rather than a pure land-and-building approach. The analysis notes that section 7 of the Wealth-tax Act and section 36 of the Estate Duty Act require valuation at the price the property would fetch in the open market, and that, where no separate estate duty rule exists, the recognised statutory method for residential property may be applied. The valuation also recognises hypothetical rent for owner-occupied property, subject to the limitation relating to surplus unbuilt land. en-us Mon, 16 Aug 1982 00:00:00 +0530 Tue, 09 Mar 2010 11:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28972 For probate court-fee valuation of a residential house, the open-market value standard was aligned with the valuation principles underlying rule 1BB of the Wealth-tax Rules, rather than a pure land-and-building approach. The analysis notes that section 7 of the Wealth-tax Act and section 36 of the Estate Duty Act require valuation at the price the property would fetch in the open market, and that, where no separate estate duty rule exists, the recognised statutory method for residential property may be applied. The valuation also recognises hypothetical rent for owner-occupied property, subject to the limitation relating to surplus unbuilt land. Case-Laws Income Tax Mon, 16 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28972